finance since the global financial crisis, including sources of credit, lender types, and collateral types. First, SMEs … age, and export participation. Fourth, personal assets of SME owners tend to matter more as collateral for SME borrowing … from banks than other collateral types. Improving credit guarantee systems, enhancing monitoring and credit scoring by …

This paper analyses the role of collateral in loan contracting when companies are financed by multiple bank lenders and … the view that collateral is a strategic instrument intended to influence the bargaining position of banks. Our result …